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Suhail Al Mazrouei on the oil market says UAE will keep a balance

Sujal Kothari

Published on January 16, 2023

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Key takeaways:

According to the UAE Energy and Infrastructure Minister, geopolitical elements in the region and worldwide impact the global energy map.
The UAE is committed to assuring a balanced oil market aligned with its strategy to reach the five million bpd production target by 2027.

The UAE on Sunday asked for new investment in the energy sector to cater to increasing demand and said it is dedicated to keeping a balance in the oil market.

Suhail Al Mazrouei on the oil market’s balance:

Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Infrastructure, has emphasised the necessity to accelerate new investments to meet increasing energy demand as several Opec+ member nations cut oil production.

In reports to the Emirates News Agency (Wam) on the subsidiaries of the Global Energy Forum, which started in Abu Dhabi on Saturday, the minister announced the UAE’s dedication to delivering the required support to assure a balanced oil market in line with its goal to reach the five million barrels per day making target to 2027.

“The world needs trans-country natural gas pipelines, such as the Dolphin Gas Pipeline project — a raw gas project between Qatar, the UAE and Oman that was the first of its type to contribute to enhanced energy security and integration among Gulf nations,” the minister said.